VAT Rate Declined 3% Since Apr 1st
From April 1, 2019, the value-added tax (VAT) rate for manufacturing industry will fall from 16% to 13% in China. This is another tax reduction after May 1 last year.
This tax cut is a good news for our manufacturing companies. With the increase in labor costs, environmental costs, land costs, etc., the cost of manufacturing industry has increased year by year. For export-oriented companies like TitanFlor, this has greatly reduced our international advantages. This time, the government tax cut will play a positive role in our export business.